Real estate markets are a lot like the temperature – they can be hot or cold. Seller’s markets can change fast, so it is good to take advantage of it while you can. If you are selling your house in Grand Rapids or around the 49525 zipcode during a seller’s market, it is likely that you will get multiple offers. Here is how to review multiple offers in a seller’s market in Grand Rapids…
When there are lots of buyers and not many properties…we call that a seller’s market. For sellers, it is an exciting time because you may be able to get a higher asking price than you anticipated. You might also get multiple offers on your house at the same time.
If you are selling and received multiple offers you may be wondering “what do I do now?” Although multiple offers might be exciting to receive, sometimes it can also be overwhelming. Fortunately, there are four things you can do to help ease the burden and approach your multiple offers to your greatest advantage…
How To Review Offers in a Seller’s Market In Grand Rapids
The best place to start is to sort the offers into the buyers who are ready to move quickly and those who are not buying contingent on selling something else. Some people put offers on houses contingent on them getting approved for a mortgage or contingent on them selling their house.
You do not have to completely discard the contingent group but it’s often easier and faster to work with someone who does not buy based on a contingency.
Second, sort the remaining ones based on the items that are important to you – either the speed of the sale or the price, for instance. (For some sellers, a faster sale is more important than a higher price). Both of these are important but it is good to ask yourself if one is more important than the other.
- If speed is important to you, sort the offers by the ones who are closest to the timeline you want to move in.
- If price is important to you, sort the offers by the ones that are highest to lowest in terms of price.
If you still have several that match your preferences above (such as: if you want to move by the end of the month and you have several offers that work within that timeline) then sort by the ones that do not have add any conditions. The more conditions a buyer adds, the more work it usually is for you the seller.
By the end, the top will be the ones that offer the best speed or price (whatever is more important to you), the least conditions, and are ready to buy right away. And at the bottom are those who aren’t ready to buy because they have contingencies.
Once you’ve sorted your offers this way, start working through them from the top, making counter offers from a position of strength.
If this is overwhelming or if you don’t have as many offers as you’d like, or if you don’t have the offers that you want, there is another way to sell: you can sell directly to us at AKJ Sell Today.